A little north of where the Mortgage Bankers Association is wrapping up its annual mortgage servicing conference, the secretary of the Department of Agriculture is promoting a streamline refinance program for negative-equity borrowers. U.S. Agriculture Secretary Tom Vilsack is in Orlando, Fla., to promote the Single Family Housing Guaranteed Rural Refinance Pilot Program. In addition [...]
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USDA Pilot Program Targets Negative-Equity
February 24th, 2012 
davidguide 
Posted in Business Loans 
Tags: Agriculture, agriculture secretary, Association, Housing, mortgage bankers association, pilot program, program targets, Rural, secretary, Single, tom vilsack 
Comments OffMortgage Fraud Defendant Claims Lender Lost Nothing on Securitized Loan
February 20th, 2012 davidguide One of two defendants who have already pleaded guilty to defrauding Countrywide Home Loans on a $760,000 mortgage claims that because the loan was securitized, Countrywide didn’t face any losses. The strategy is intended to avoid a prison sentence. If the federal judge in the case agrees, the process of prosecuting mortgage fraud defendants — [...]
Posted in Business Loans Tags: countrywide home loans, defendant claims, federal judge, mortgage fraud, prison sentence Comments OffCA Foreclosures Fall Despite National Increase
February 16th, 2012 davidguide U.S. foreclosure filings increased last month, though year-over-year performance has been on the mend each month for more than a year now. New filings fell, however, in California — the state with the most activity. Meanwhile, U.S. mortgage servicers completed fewer foreclosures than in December. There were 3 percent more U.S. properties owned by delinquent [...]
Posted in Business Loans Tags: delinquent borrowers, fall, Foreclosure, Foreclosures, Mortgage, National, percent, post, repossessions, State Comments Off121-Year-Old Bank Among 2 to Fail
February 12th, 2012 davidguide Two midwest banks were closed by the national regulator of banking institutions, including one that was more than a century old. Meanwhile, a net branch operation that had previously touted a planned transition from mortgage broker to mortgage banker has since vanished. The Office of the Comptroller of the Currency closed down two banks on [...]
Posted in Business Loans Tags: bank, banking institutions, century, comptroller of the currency, Fail, federal deposit insurance, midwest, midwest banks, office of the comptroller of the currency, Regulator, Transition Comments OffPennyMac Becomes Billion Dollar Player
February 8th, 2012 davidguide Quarterly correspondent fundings and the mortgage investment portfolio at PennyMac Mortgage Investment Trust have each reached nearly a billion dollars. Fourth-quarter correspondent production more than quadrupled PennyMac’s third-quarter activity. The mortgage investment portfolio was valued at nearly $1 billion as of the end of last year. The total included distressed residential mortgage whole loans, real-estate-owned [...]
Posted in Business Loans Tags: Becomes, fundings, investment portfolio, Mortgage, mortgage backed securities, mortgage investment, Player, Portfolio, post, quarter activity, Total Comments OffMortgage Activity Up Again
February 4th, 2012 davidguide Falling mortgage rates motivated an increasing number of borrowers this week to inquire about a refinance, though inquiries for purchases were also higher. Rates, however, are poised to deteriorate. Refinance activity more than doubled compared to a year ago. Despite a widening spread over conforming rates, more jumbo borrowers were out shopping for a loan. [...]
Posted in Business Loans Tags: Feb, Index, inquire, Mortech, Mortgage, mortgage activity, mortgage market, mortgage rates, percent, prospective borrowers Comments OffClass Action Targets NV Foreclosure Processors
January 31st, 2012 davidguide Six companies that process foreclosures in Nevada have been named as defendants in a lawsuit that seeks class-action certification. The firms are accused of engaging in debt collection activity even though they were not licensed as debt collectors in the state. The lawsuits are in addition to foreclosure lawsuits recently filed against Bank of America [...]
Posted in Business Loans Tags: action targets, bank, bank of america, bank of america corp, Collection, debt, debt collectors, Lenders, Processors, six companies, State Comments OffRates Increase But Might Retreat
January 27th, 2012 davidguide The average 30-year fixed-rate mortgage this week climbed 10 basis points from the previous week. A 7-basis-point elevation was recorded for the average 15-year mortgage. But rates could see-saw and wind up around 10 BPS lower in next week’s report based on an analysis of data from the Department of the Treasury. View full post [...]
Posted in Business Loans Tags: 30 year fixed rate, 30 year fixed rate mortgage, basis, department of the treasury, elevation, fixed rate mortgage, post, Retreat, Treasury, wind, year fixed rate mortgage Comments OffCalifornia Congressman Caught in Countrywide VIP Web
January 23rd, 2012 davidguide A California congressman was caught off guard when he learned he was among a group of legislators who received a home-equity loan at special terms from Countrywide Financial Corp. VIP program. Rep. Elton Gallegly (R-Calif.) closed on a $77,000 HEL eight years ago at a rate of 5.75 percent. The first mortgage in the transaction [...]
Posted in Business Loans Tags: california congressman, countrywide financial corp, elton gallegly, Financial, home equity loan, Loan, Mortgage, percent, program rep, transaction, VIP Comments OffBofA Moves Backwards With HAMPs
January 19th, 2012 davidguide Completed and active modifications from all mortgage servicers under the Home Affordable Modification Program increased by more than 15,000 during November. That was better than the gain previously calculated for October. A noteworthy item about the November report is that Bank of America, N.A.’s, completed modifications fell by 12,245 HAMPs from October. View full post [...]
Posted in Business Loans Tags: Affordable, bank, bank of america, BofA, Completed, home, mortgage servicers, October, post Comments Off
